Beiersdorf Sales Fall 1.3% in Third Quarter as NIVEA Remains Under Pressure
Key Facts
Beiersdorf reported sales of 2.362 billion euros in the third quarter of 2026, down 1.3% organically, and reaffirmed its annual outlook after results came in slightly below analyst consensus. According to a Reuters report, Vara consensus had forecast an organic decline of 1.2% for the July-to-September period. In the first nine months, group sales reached 7.314 billion euros, down 2.8% organically. The results put the third quarter’s decline in context: it was slower than the decline for the first nine months, while sales remained below the year-earlier period on an organic basis. Chief Executive Vincent Warnery said the third quarter saw "an improvement in performance across the entire Consumer business compared with the first half of the year."
The Consumer business, which includes NIVEA, remained under pressure, with sales down 0.7% organically in the third quarter, compared with a 2.9% decline in the first nine months. NIVEA alone recorded a 4.9% organic decline in the quarter, after falling 6.8% in the first half. The company attributed first-half performance to disagreements with customers, a late start to the sun season in Europe, retailers reducing inventories and the timing of innovation launches. It also said trade-related tensions and inventory reductions continued to weigh on the brand’s sales in the third quarter. These temporary factors are expected to gradually fade by the end of the year, it said.
NIVEA’s figures reflect a gap between the sales the company records to retailers and continued growth in sales to end consumers: Beiersdorf said NIVEA’s consumer sales continued to grow globally in the third quarter. The brand introduced FACE+ in Europe as part of its transformation plan, and Warnery said the launch showed early positive signs. In August, the company announced an 18-month transformation program focused on innovation across categories, strengthening the brand’s availability and increasing local offerings. As part of the program, it increased NIVEA’s media spending by 100 million euros in the second half of 2026 compared with the same period a year earlier. The spending comes as the company seeks to support the brand while inventory reductions and trade tensions continue to affect sales recorded to retailers.
By contrast, the other businesses performed more strongly, with Derma growing 10.6% organically in the third quarter, after growth of 7.8% in the first half. The company said first-half growth was driven by Eucerin’s performance, Aquaphor’s expansion and innovation investments. La Prairie’s sales also rose 8.5% organically in the third quarter, with China remaining a key growth driver. The strong results at Derma and La Prairie did not prevent an organic decline in group sales during the quarter, but highlighted the divergence in performance among brands and segments. For the first nine months, the Consumer business remained down 2.9% organically, while Derma grew in the third quarter.
In August, Beiersdorf cut its 2026 organic sales outlook for Consumer to a low-single-digit decline, and forecast a segment EBIT margin of at least 11.0%, excluding special factors. It also forecast a low-single-digit organic decline for the group and an EBIT margin of at least 11.8%, excluding special factors — guidance Reuters said the company reaffirmed after the third-quarter results. In early Frankfurt trading on Oct. 27, the stock fell 2.5% at 07:30 GMT, according to Reuters. BDRFY shares closed at 17.97 dollars that day, after closing at 18.60 dollars on Oct. 26. The company expects the effects of retailers’ inventory reductions and trade tensions to gradually fade by the end of the year, while it implements NIVEA’s transformation plan.